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Annual Results

Sky's Premier League bill knocks £97m off profits

27 July 2017 07:49

Sky's (SKY) operating profit fell by £97m, or 6%, to £1,467m in the 12 months to 30 June after the company absorbed £629m of Premier League costs and invested in new businesses.

The group returned to profit growth in the fourth quarter, with operating profit up 8% to £455m and earnings per share 19% higher.

Year-on-year revenues rose by 5% on a constant currency basis to £12.9m.

The company said it had particularly strong results in Germany & Austria and Italy, where operating profit increased by £115m.

Jeremy Darroch, group chief executive, said the company plans to increase investment in Sky originals by 25%, roll out Sky Q to Italy, Germany and Austria, and launch Sky Q without the need for a satellite dish.

It is also launching a new tenure-based loyalty programme in the UK, building on a similar programme in Italy.

"We enter 17/18 in a strong position with significant growth potential. Despite the broader consumer environment remaining uncertain, we are confident of delivering on the plans we've laid out as we continue to give our customers the best content, great products and industry leading service," said Darroch.

Story provided by StockMarketWire.com

Related Company: SKY

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